It's the end of the week already, The market is closed tomorrow So this is the last update this week until Monday night as usual.

Last night I spoke of the importance of the action at the close of this weeks session. Give the larger wave patterns at play in both the 4hr and daily charts in the Dollar cross rates. These patterns are very bullish for the Dollar, And we are at the end point of a corrective phase right now. The next step for the USD is a large rally, And it is dead ahead!

Todays price action has turned in favor of the Dollar across the board, so we could be looking at the beginning of the next leg up.

The decline off todays high is quite impulsive looking and broke through the first support at 1.0629. I have labelled this decline as the beginning of wave '1' green, Within a developing wave 'iii' down.

1.0677 is an important resistance level for now, The formation of a lower high at around 1.0630 will create an elliott wave sell signal And a very bearish setup for EURUSD. For the early trade next week that is the action to watch out for.

Cable rallied into resistance at 1.2560 and fell off again in what could be the beginning of a new leg down.

The new wave count worked well so far, If the price breaks down below support at 1.2480 with a three wave minor rally off that low. Then, just as in EURUSD, an elliott wave sell signal will be in place, With a very large bearish potential, given the larger wave count.

On the 4hr chart, Momentum is turning down again at a crucial time in the wave structure. all these signs add weight to the operating wave count and signal an important turning point is underway in the Dollar markets.

Todays high is important for the early trade next week, That is at 1.2574, this level forms key resistance, and is now likely the last high GBPUSD we see for some time to come.

The 4hr chart in USDJPY is telling an important story right now. The momentum indicators have put in a double bottom with a this weeks RSI low being a higher low. This is a very important momentum divergence given the larger bullish wave count in operation here.

There is the possibility of a slight new low in USDJPY next week going by price action on the short term chart The rise today has so far occurred in three waves, Which is a counter trend pattern.

Any new low will be temporary from here as the Dollar is displaying signs of a real low in place.

The first important resistance lies at 110.10, a break of that level and the formation of a higher low above 108.72, will signal that the low is in place for wave '4' orange. As with the previous two markets, next week is pivotal.

The DOW is again punching lower in what could be the beginning of wave 'iii' pink. The key support level I have been pointing out over the last few weeks is 20410. And todays new lows are getting close to that level.

There is one more bearish alternative for the wave structure off the recent wave 'ii' high. That is a leading wedge in wave '1' red, shown circled in red.

This wave count would allow for another small rally into resistance at 20751 brfore turning down for good.

Momentum has turned down again on both the 4hr and daily charts, The daily momentum has come off a double top at an extreme overbought level. I think we are about to pay dearly for that over exuberance.

Watch 20410 early next week, this support is the last in sight for a long way down.

GOLD held at new highs throughout the day, This is a very bullish sign in terms of the larger perspective.

Any consolodation form here would be in terms of wave '4' pink With a further rally expected next week in wave '5' pink.

The larger wave count in blue is coming together nicely now, and indicates this rally has much more to go before completion. Support at 1271 should hold the market from here, The price should begin to tag that upper trend line soon as wave (iii) blue closes out.

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